Bitwise Funds Correlations

ICOI Etf

19.43 0.38 1.92%

The current 90-days correlation between Bitwise Funds Trust and Allspring Exchange Traded Funds is 0.69 (i.e., Poor diversification). The correlation of Bitwise Funds is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Bitwise Funds Correlation With Market

Very weak diversification

The correlation between Bitwise Funds Trust and DJI is 0.57 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Bitwise Funds Trust and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Bitwise Etf

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Bitwise Funds Trust. Also, note that the market value of any etf could be closely tied with the direction of predictive economic indicators such as signals in metropolitan statistical area.

Moving together with Bitwise Etf

0.9	MSFT	Microsoft	Pair Corr
0.86	HD	Home Depot	Pair Corr
0.72	BA	Boeing	Pair Corr

Moving against Bitwise Etf

0.69	MCD	McDonalds	Pair Corr
0.63	AMPD	Tidal ETF Services	Pair Corr
0.49	VTV	Vanguard Value Index	Pair Corr
0.49	CPST	Calamos ETF Trust	Pair Corr
0.42	VEA	Vanguard FTSE Developed	Pair Corr
0.38	BND	Vanguard Total Bond Sell-off Trend	Pair Corr
0.87	CSCO	Cisco Systems Sell-off Trend	Pair Corr
0.84	JNJ	Johnson Johnson	Pair Corr
0.75	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.72	CAT	Caterpillar	Pair Corr
0.71	TRV	The Travelers Companies	Pair Corr
0.67	AA	Alcoa Corp Sell-off Trend	Pair Corr
0.67	AXP	American Express	Pair Corr
0.64	WMT	Walmart Common Stock	Pair Corr
0.64	MMM	3M Company	Pair Corr
0.63	BAC	Bank of America	Pair Corr
0.53	IBM	International Business	Pair Corr
0.35	PFE	Pfizer Inc	Pair Corr

Related Correlations Analysis

	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM
META		0.66	0.59	-0.66	0.6	-0.63	0.24	-0.12	-0.61	-0.65	META
MSFT	0.66		0.84	-0.51	0.36	-0.25	0.12	-0.27	-0.77	-0.6	MSFT
UBER	0.59	0.84		-0.62	0.58	-0.37	-0.05	-0.13	-0.84	-0.57	UBER
F	-0.66	-0.51	-0.62		-0.72	0.59	0.25	0.35	0.71	0.76	F
T	0.6	0.36	0.58	-0.72		-0.61	-0.41	-0.09	-0.55	-0.49	T
A	-0.63	-0.25	-0.37	0.59	-0.61		-0.16	-0.26	0.56	0.32	A
CRM	0.24	0.12	-0.05	0.25	-0.41	-0.16		0.29	-0.03	0.09	CRM
JPM	-0.12	-0.27	-0.13	0.35	-0.09	-0.26	0.29		0.18	0.3	JPM
MRK	-0.61	-0.77	-0.84	0.71	-0.55	0.56	-0.03	0.18		0.64	MRK
XOM	-0.65	-0.6	-0.57	0.76	-0.49	0.32	0.09	0.3	0.64		XOM
	META	MSFT	UBER	F	T	A	CRM	JPM	MRK	XOM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

UBER	+ 0.84	MSFT
XOM	+ 0.76	F
MRK	+ 0.71	F
MSFT	+ 0.66	META
XOM	+ 0.64	MRK
T	+ 0.6	META

High negative correlations

MRK	- 0.84	UBER
MRK	- 0.77	MSFT
T	- 0.72	F
F	- 0.66	META
XOM	- 0.65	META
A	- 0.63	META

Bitwise Funds Competition Risk-Adjusted Indicators

There is a big difference between Bitwise Etf performing well and Bitwise Funds ETF doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Bitwise Funds' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
META	1.41	(0.29)	0.00	(0.25)	0.00	0.00	2.30	(2.72)	13.52
MSFT	0.92	(0.14)	0.00	(0.16)	0.00	0.00	1.78	(2.50)	5.08
UBER	1.49	(0.34)	0.00	(0.26)	0.00	0.00	2.60	(3.82)	10.51
F	1.49	0.17	0.10	0.17	1.70	(1.62)	3.38	(2.63)	16.30
T	0.95	(0.27)	0.00	(0.91)	0.00	0.00	1.61	(2.18)	5.75
A	1.25	0.08	0.06	0.13	1.31	(1.33)	2.34	(2.21)	11.03
CRM	1.58	0.06	0.03	0.11	2.05	(1.53)	3.66	(2.92)	9.91
JPM	1.03	(0.02)	(0.01)	0.04	1.40	(1.03)	2.00	(1.91)	7.02
MRK	1.47	0.35	0.25	0.47	1.11	(1.91)	4.85	(2.06)	11.45
XOM	0.96	0.07	0.02	0.36	0.99	(1.01)	1.96	(1.51)	4.99

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